Why is Dogecoin down: DOGE slumps 7% as bitcoin loses ground in risk-off trade
Dogecoin plunged 7% as Bitcoin retreated, breaking key support at $0.1218 amid broad risk-off sentiment affecting memecoins.Summary
Dogecoin (DOGE) experienced a sharp 7% decline, falling from $0.1245 to $0.1162, mirroring broader weakness in the crypto market as Bitcoin pulled back. This move was attributed to general risk-off positioning, causing high-beta tokens like memecoins to underperform majors. Technically, DOGE decisively broke below the critical short-term support level of $0.1218 on heavy volume, suggesting active distribution. While the price briefly flushed down to around $0.115 where some buying emerged, the structure remains fragile. The former support at $0.1218 now acts as near-term resistance. Traders are watching the $0.115–$0.12 zone; if $0.115 holds, stabilization is possible, but failure could open downside risk toward $0.108–$0.10.
(Source：CoinDesk)